The International Monetary Fund in
June 24, 2020 has projected that the world economy will decline by 4.9 percent
in 2020, developed country will decline by 8 percent and developing country by 3.7 percent against the growth of 1.7 and 3.7 percent respectively in 2019. Economy of China is expected to grow by 1 percent whereas that of India will decline by 4.5 percent. As per the data by the World Bank Group 61 percent of world GDP (in
2019) is contributed by the service sector. Global economy is hit hard by the
coronavirus pandemic, especially the service sector. Currently the world is
heading towards a great recession after the global financial crisis of 2008.
World's
Top 16 Economies
Following are the world’s largest
16 economies having GDP more than one trillion dollars.
Rank
(GDP)
|
Country
|
GDP ($)
2019
World Bank
(in
millions)
|
Population
2019
(World
Population Review)
|
GDP per
capita 2019
(World
bank)
USD
|
Area
(square km)
|
1
|
USA
|
21,427,700
|
329,064,917
|
65,281
|
9,372,610
|
2
|
China
|
14,342,903
|
1,433,783,686
|
10,262
|
9,706,961
|
3
|
Japan
|
5,081,770
|
126,860,301
|
40,247
|
377,930
|
4
|
Germany
|
3,845,630
|
83,517,045
|
46,259
|
357,114
|
5
|
India
|
2,875,142
|
1,366,417,754
|
2104
|
3,287,590
|
6
|
UK
|
2,827,113
|
67,530,172
|
42,300
|
242,900
|
7
|
France
|
2,715,518
|
65,129,728
|
40,494
|
551,695
|
8
|
Italy
|
2,001,244
|
60,550,075
|
33,190
|
301,336
|
9
|
Brazil
|
1,839,758
|
211,049,527
|
8717
|
8,515,767
|
10
|
Canada
|
1,736,426
|
37,411,047
|
46,195
|
9,984,670
|
11
|
Russia
|
1,699,877
|
145,872,256
|
11,585
|
17,098,242
|
12
|
South Korea
|
1,642,383
|
51,225,308
|
31,762
|
100,210
|
13
|
Spain
|
1,394,116
|
46,736,776
|
29,614
|
505,992
|
14
|
Australia
|
1,392,681
|
25,203,198
|
54,907
|
7,692,024
|
15
|
Mexico
|
1,258,287
|
127,575,529
|
9,863
|
1,964,375
|
16
|
Indonesia
|
1,119,191
|
270,625,568
|
4,136
|
1,904,569
|
South Asian Economy
Rank
(GDP)
|
Country
|
GDP 2019
World Bank
(in
million)
|
Population
2019
World
Population Review
|
GDP per
capita
2019
(World
Bank)
USD
|
Area
(Square Km)
|
5
|
India
|
2,875,142
|
1,366,417,754
|
2104
|
3,287,590
|
41
|
Bangladesh
|
302,571
|
163,046,161
|
1856
|
147,570
|
43
|
Pakistan
|
278,222
|
216,565,318
|
1285
|
881,912
|
68
|
Sri-Lanka
|
84,009
|
21,323,733
|
3853
|
65,610
|
101
|
Nepal
|
30,641
|
28,608,710
|
1071
|
147,181
|
114
|
Afghanistan
|
19,101
|
38,041,754
|
502
|
652,230
|
154
|
Maldives
|
5,729
|
530,953
|
10,790
|
300
|
174
|
Bhutan
|
2,447
|
763,092
|
3243
|
38,394
|
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